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FMC (NYSE:FMC) Could Be Struggling To Allocate Capital

FMC (NYSE:FMC) Could Be Struggling To Allocate Capital

聯邦海事委員會(紐約證券交易所代碼:FMC)可能難以配置資本
Simply Wall St ·  05/22 09:01

To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating FMC (NYSE:FMC), we don't think it's current trends fit the mold of a multi-bagger.

要找到一隻多袋裝箱的股票,我們應該在企業中尋找哪些潛在趨勢?一種常見的方法是嘗試找一家公司 回報 論資本使用率(ROCE)在增加的同時增長 金額 所用資本的比例。歸根結底,這表明這是一家以更高的回報率對利潤進行再投資的企業。但是,在調查了聯邦海事委員會(紐約證券交易所代碼:FMC)之後,我們認爲其當前的趨勢不符合多袋機的模式。

What Is Return On Capital Employed (ROCE)?

什麼是資本使用回報率(ROCE)?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on FMC is:

爲了澄清一下你是否不確定,ROCE是評估公司從投資於其業務的資本中獲得多少稅前收入(按百分比計算)的指標。在 FMC 上進行此計算的公式爲:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已動用資本回報率 = 息稅前收益 (EBIT) ¥(總資產-流動負債)

0.057 = US$477m ÷ (US$12b - US$3.6b) (Based on the trailing twelve months to March 2024).

0.057 = 4.77億美元 ÷(120億美元-36億美元) (基於截至2024年3月的過去十二個月)

So, FMC has an ROCE of 5.7%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 8.8%.

因此,聯邦海事委員會的投資回報率爲5.7%。從絕對值來看,這是一個低迴報,其表現也低於化工行業8.8%的平均水平。

roce
NYSE:FMC Return on Capital Employed May 22nd 2024
紐約證券交易所:聯邦海事委員會2024年5月22日動用資本回報率

Above you can see how the current ROCE for FMC compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for FMC .

在上面你可以看到聯邦海事委員會當前的投資回報率與其先前的資本回報率相比如何,但從過去可以看出來的只有那麼多。如果您有興趣,可以在我們的免費聯邦海事委員會分析師報告中查看分析師的預測。

So How Is FMC's ROCE Trending?

那麼 FMC 的 ROCE 趨勢如何?

We weren't thrilled with the trend because FMC's ROCE has reduced by 61% over the last five years, while the business employed 27% more capital. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. It's unlikely that all of the funds raised have been put to work yet, so as a consequence FMC might not have received a full period of earnings contribution from it.

我們對這一趨勢並不感到興奮,因爲聯邦海事委員會的投資回報率在過去五年中下降了61%,而該業務使用的資本增加了27%。但是,動用資本的增加在一定程度上可能歸因於最近的融資是在其最新報告期之前完成的,因此在考慮投資回報率下降時請記住這一點。籌集的所有資金還不太可能全部投入使用,因此,聯邦海事委員會可能沒有從中獲得一整年的收益捐款。

What We Can Learn From FMC's ROCE

我們可以從聯邦海事委員會的投資回報率中學到什麼

From the above analysis, we find it rather worrisome that returns on capital and sales for FMC have fallen, meanwhile the business is employing more capital than it was five years ago. And long term shareholders have watched their investments stay flat over the last five years. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

從上述分析來看,我們發現相當令人擔憂的是,聯邦海事委員會的資本回報率和銷售額有所下降,同時該業務使用的資本比五年前還要多。在過去的五年中,長期股東一直目睹他們的投資保持不變。既然如此,除非潛在趨勢恢復到更積極的軌跡,否則我們會考慮將目光投向其他地方。

On a final note, we found 4 warning signs for FMC (2 are a bit concerning) you should be aware of.

最後,我們發現了你應該注意的FMC的4個警告信號(2個有點令人擔憂)。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想尋找收益豐厚的穩健公司,可以免費查看這份資產負債表良好且股本回報率可觀的公司名單。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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